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Slovak Economy Expanded 3.4% in 4th Quarter, Final Report Shows

Slovak economic growth accelerated to 3.4 percent in the fourth quarter from a year earlier driven by exports.

The result matches the preliminary figure released Feb. 15 and compares with a 3 percent expansion in the previous three-month period, the Slovak Statistical Office in Bratislava said today in a final report. On a quarterly basis, the gross domestic product rose a seasonally adjusted 0.9 percent. The economy grew 3.3 percent for the whole of 2011.

Exports were the main driver of growth as domestic demand declined mainly because of falling inventories, the office said. Household spending fell 0.4 percent from year ago, while government spending dropped 3.7 percent on the austerity measures.

The data shows the economy of the east European country has so far remained resilient to the slowdown in the euro region, its main export market. Still, growth is set to slow this year with the Finance Ministry expecting a 1.1 percent increase in GDP.

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